ZURICH (Reuters) – DKSH will sell its 25% stake in Swiss luxury watchmaker Bovet to Pascal Raffy, the company said in a statement on Friday.

The transaction makes Raffy, which already owns 75% of Bovet, the watchmaker’s sole owner.

“The transaction does not materially affect DKSH’s profit and loss statement,” the company said.

(Reporting by Noele Illien; Editing by Christian Schmollinger)